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ACKNOWLEDGEMENT

The following work of study has been successfully accomplished by me, the student of NIIS
INSTITUTE OF INFORMATION SCIENCE & MANAGEMENT, BBSR. For the above
stated, I would like to extend my heartfelt gratitude to my mentor Prof. Kshitish Kumar
Mahapatra for providing me with wonderful Opportunity to work on a project “A Study on
public sector Insurance Company in Odisha in special reference to life insurance
corporation of India.”
I would like to acknowledge the support and co-ordination of my college staff in the library. I
thank them for their readiness to co-operate and helping me avail the material resources
without ant obstacles.
I would also like to accredit a major portion of work to my reference and also express my
immense gratitude towards all the customers and public who helped me in carrying out my
survey.
Finally, I would thank all my colleagues for their warm and sincere support of any
magnitude, in helping me in completing the case analysis.

Avinash Joseph Mundu

NIIS Institute of Information Science & Management, Bhubaneswar
ROLL NO: - 2004000639066048

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 DECLARATION

I do here by declare that the report entitled “A Study on public sector Insurance companies
in Odisha in special reference to life insurance corporation of India.” submitted by me to
NIIS Institute Of Information Science & Management affiliated to Utkal University as partial
fulfilment of Bachelor in Business Administration (BBA), is my own work.
I declare that the form and content of the above-mentioned project are original and
have not been submitted in part of full, for any other degree or diploma of this or any other
Organization/Institute/University.
Utmost care has been taken to make this report error free. However, some errors
may have crept into the report because of human failings. I sincerely apologize for the same.

Avinash Joseph Mundu

NIIS Institute of Information Science & Management, Bhubaneswar
ROLL NO: - 2004000639066048

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 CONTENTS
 Internal guide certificate
 Acknowledgement
 Declaration

Sl. no. List of content Page no.

Chapter I Introduction 07-09

Chapter II Research objectives

Research methodology 10-13
limitations
Chapter III Company profile 14-20

Chapter IV Theoretical perspective 21-36

Chapter V Data analysis and 37-44

interpretation
Chapter VI Findings 45-50
survey

Chapter VII Awards and achievements 51-52

Chapter VIII Conclusion 53-54
bibliography

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 CHAPTER I

Introduction

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Introduction
All of us wish to achieve financial freedom at some point in our life, and when
it comes to doing that, we tend to believe that savings are enough to be
financially stable. But, if you look at life from a practical perspective, you
would understand that savings alone are not enough to achieve financial
freedom; ensuring your assets with general insurance policies is equally
important.

Everyone is exposed to different kinds of risks. Future is not at all uncertain,

but there is way to protect one’s family and make one’s children’s future safe.
Life Insurance companies helps to ensure that the family’s future is not just
secure but also prosperous. Insurance is an instrument by which families of a
small number are compensated out of funds that is the premium amount
collected from large number of people. Insurance firms pay for financial losses
arising out of happening of certain events which are insured for example: in a
personal accident death, in fire policy the insured events are fireplace and
alternative allied perils like riot and strike, explosion etc. thus insurance
safeguard against uncertainties.

However, some people believe that they do not require general insurance
policies as they can save enough money to replace their assets should anything
happen to them. But, consider a situation when you have to wipe off all that
you’ve saved all your life, just to pay for your medical bills or a car that is
damaged beyond repair.

Insurance is a financial safety net, helping you and your loved ones recover
after something bad happens — such as a fire, theft, lawsuit or car accident.
When you purchase insurance, you’ll receive an insurance policy, which is a
legal contract between you and your insurance provider. And when you suffer a
loss that’s covered by your policy and file a claim, insurance pays you or a
designated recipient, called a beneficiary, based on the terms of your policy.
The most difficult thing about insurance is that you’re paying for something you
hope you never have to use. Nobody wants something bad to happen to them.
But suffering a loss without insurance can put you in a difficult financial
situation.
What are the benefits of insurance?
Insurance is an important financial tool. It can help you live life with fewer
worries knowing you’ll receive financial assistance after a disaster or accident,
helping you recover faster. When it comes to life insurance, this could mean
your family doesn’t have to move out of the house or that your kids can afford
to go to college. For auto insurance, it could mean you have extra cash in hand

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to help pay for repairs or a replacement vehicle after an accident. Insurance can
help keep your life on track, as much as possible, after something bad derails it.
Your independent insurance agent is a great resource to learn more about the
benefits of insurance, as well as the benefits in your specific insurance policy.
For example, you may have access to perks such as free roadside
assistance, risk control consulting for businesses or cash value in a life
insurance policy, in addition to your insurance coverage.
And in some cases, like auto insurance and workers’ compensation, you may be
required by law to have insurance in order to protect others.

How do I choose an insurance provider?

Here are a few things to consider when choosing an insurance company to work
with:
Insurance coverage.
What types of insurance does the company offer? Can you buy all of your insurance
through the company and receive a discount?

Financial strength.
Would the company be able to pay your claim? Look to U.S. credit rating agency AM
Best to determine the company’s financial strength.

Agency model.
Would you prefer the help of a local insurance agent? Or would you prefer to manage
your insurance on your own?

Customer service.
Do others recommend this company? What are people saying about it in online
customer reviews?
When in doubt, contact your local independent insurance agent and ask them any questions
you have about insurance. Your agent is an insurance expert with the knowledge to guide you
through the insurance process and help you find the best insurance protection for you and the
people and things you care about most.
This article is for informational and suggestion purposes only. If the policy coverage
descriptions in this article conflict with the language in the policy, the language in the policy
applies. For full details on Grange’s business, auto, home and life insurance coverage and
discounts, contact your independent agent.

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 CHAPTER II

OBJECTIVE
METHODOLOGY
LIMITATIONS

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 OBJECTIVES

OBJECTIVES OF THE STUDY Following are the main objectives of the

study are
➢ To know the customers awareness regarding the life insurance.

➢ To know the customers awareness regarding the various life

insurance companies in the insurance sector.
➢ To know the customers preference towards the private or public
insurance sector.
➢ To know the different promotion strategy used by companies to aware
their customers.
➢ To evaluate the factors underlying consumer perception towards
investment in life insurance policies.
➢ To develop and standardize a measure to evaluate investment pattern in
life insurance services.

RESEARCH METHODOLOGY
According to Ritchie, et al. (2013) research designs are categorized as
qualitative, quantitative, and mixed. The most commonly cited advantage of
quantitative research in social research is that quantitative results are highly
verifiable because underlying data is numeric and objective and are derived
from ethos and methods of natural sciences. In contrast, qualitative design is
considered to have relatively low verifiability because underlying data is
subjective and non-numeric. Qualitative design are particularly useful and
effective when the aim is to study experiences, feelings, and opinions of
participants.
This study is based on mixed design, in which both qualitative and quantitative
data has been triangulated to overcome weaknesses in mono-design. The aim is
to increase reliability and validity of the results and conclusions drawn in this
study. Mixed design allows this study to have both qualitative and quantitative
evidence to support conclusions.

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Research design is partly descriptive, partly exploratory. The data from the present study is
collected from different sources. To access the performance of insurance companies in
Odisha.

Likewise, this chapter presents the various procedures and strategies in

identifying sources for needed information on the analysis of the Life insurance
corp. of India and other competitive insurance companies.
This part of the study specifies the method of research used, research design,
data collection, instrument used, validation and administration of the
instruments, data representatives and reliability, description of the study,
statistical treatment of data and analysis of the gather data.
The data and information of the study has been collected from primary data and
secondary data.

Data Collec 琀椀 on:

To produce a reliable ques 琀椀 onnaire both primary and secondary informa 琀椀 on
was used. Primary data is the 昀椀 rst-hand informa 琀椀 on; the ques 琀椀 onnaire was
prepared by me under the guidance of the mentor wherein I used Likert 昀椀 ve
point scale and closed ended ques 琀椀 ons for measuring a 琀 tudes of the
employees for my study. The ques 琀椀 onnaire comprised 20 ques 琀椀 ons which
covered all the aspects of measuring “the e 昀昀 ec 琀椀 veness of training and
development”.

1. Primary Data:
An instrument is used to collect the required informa 琀椀 on from the employees
and also interact the employees personally. Primary data helps us in making
observa 琀椀 on of employee’s behaviours, talk gestures which helped me in
iden 琀椀 fying the a 琀 tude of employees towards the training program and the
e 昀昀 ec 琀椀 veness of the training program in the organiza 琀椀 on.

Primary Data Sources:

 Ques 琀椀 onnaire
 Observa 琀椀 on
 Interview

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2. Secondary Data:
It was collected from the website of the company, and the company
personnel, certain reports from the HR department. The research also took the
help of the books and journal.
Secondary Data sources:
 Book
 Periodicals or journals
 Research thesis and disserta 琀椀 ons

LIMITATIONS OF THE STUDY:

 The limitations of a study are its flaws or shortcomings.
 Study limitations can exist due to constraints on research design,
methodology, materials, etc., and these factors may impact the findings
of your study.
 While scope, cost, and time are the triple constraints of project
management, there are three other project constraints you may encounter
in your project life cycle: risk, resources, and quality.

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 CHAPTER III

Company profile

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company profile

Life Insurance Corporation of India (LIC) is an Indian public sector life

insurance company headquartered in Mumbai. It is India's largest insurance
company as well as the largest institutional investor with total assets under
management worth ₹41 trillion (US$510 billion) as of May 2022. It is under the
ownership of Government of India and administrative control of the Ministry of
Finance.
The Life Insurance Corporation of India was established on 1 September 1956,
when the Parliament of India passed the Life Insurance of India Act,
nationalizing the insurance industry in India. Over 245 insurance companies
and provident societies were merged together.
LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3
trillion, and a total value of sold policies in the year 2018–19 of ₹21.4 million.
The company also reported having settled 26 million claims in 2018–19. It
ranked 98th on the 2022 Fortune Global 500 list with a revenue
of ₹775,283 crore (US$97 billion) and a profit
of ₹4,415 crore (US$550 million).

History
Founding organisations
The Oriental Life Insurance Company, the first company in India to offer life
insurance coverage, was established in Kolkata in 1818 by Bipin Das Gupta. Its
primary target market was India.
Surendra Nath Tagore had founded Hindustan Insurance Society in same the
time period, which later became the Life Insurance Corporation.
The Bombay Mutual Life Assurance Society was formed in 1870, almost half a
century later. It was the first native insurance provider of Western India. Other
insurance companies established in the pre-independence era include:

 Postal Life Insurance (PLI) was introduced on 1 February 1884

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  Bharat Insurance Company (1896)
 United India (1906)
 National Indian (1906)
 National Insurance (1906)
 Co-operative Assurance (1906)
 Hindustan Co-operatives (1907)
 The New India Assurance Co Ltd (1919)
 Indian Mercantile
 General Assurance
 Swadeshi Life (later Bombay Life)
 Sahyadri Insurance (Merged into LIC, 1986)
These companies were established when India was marked mostly by turbulent
economic and political conditions including the Indian rebellion of 1857, World
War I and World War II. The effect of these events led to a high liquidation rate
of life insurance companies in India and adversely affected the faith of the
general public in the value of obtaining life insurance.

Nationalization in 1956
In 1956, parliamentarian Feroze Gandhi raised the matter of insurance fraud
via owners of private insurance agencies. In the ensuing investigations, one of
India's wealthiest businessmen, Times of India owner Sachin Devkekar, was
sent to prison for two years.

Initial public offering

Finance Minister Nirmala Sitharaman announced a proposal to conduct
an initial public offering for LIC in the 2021 Union Budget. The IPO is
expected to occur in 2022, and the Government of India will remain the
majority shareholder after the public listing. Ten percent of shares are proposed
to be allotted to existing LIC policyholders. In year 2021, the government of
India had proposed to enhance the authorized capital of the LIC of India,
to ₹250 billion (US$3.1 billion) to facilitate its public listing scheduled for the
next fiscal year which will begin on 1 April.
Due to the scale of the offering and the LIC's ownership structure, the deal has
been referred to as "India's Aramco moment" in reference to the
comparable 2019 IPO of Saudi Aramco.
The LIC announced it would open its IPO to the public on 4 May 2022, and the
process would be concluded on May 9. Through this IPO, the Government of
India is now aiming to raise ₹21,000 crore, as opposed to raising between
₹65,000 crore to ₹70,000 crore by diluting the 5% equity earlier. As per the IPO

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price band for 3.5% stakes for ₹21,000 crore, the valuation comes to around ₹6
lakh crore.

Structure
Today LIC functions with 2048 fully computerised branch offices,105
divisional offices, 8 zonal offices & the corporate office.
The Central Office of LIC is based out of Mumbai. There are a total of 8 zonal
offices, located in Delhi Chennai, Mumbai, Hyderabad, Kanpur, Kolkata,
Bhopal and Patna.
LIC has always acknowledged the need to expand. our expanding efforts have
been consistent & are evident through our associations.Some international
operations :-

LIC Fiji.
LIC Mauritius
LIC United Kingdom.
LIC (International) B.S.C (C), Bahrain.
LIC (Nepal) Ltd.
LIC (Lanka) Ltd.
Saudi Indian Company for Co-op. Insurance, KSA.
LIC Mauritius Offshore Ltd.
LIC Coordinating Office in India.

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Liberalisation post 2000s
In August 2000, the Indian Government embarked on a program to liberalise the
insurance sector and opened it up to the private sector. The LIC benefited from
this process and in 2013 reported that the first year premium compound annual
growth rate (CAGR) was 24.53% while total life premium CAGR was 19.28%,
matching the growth of the life insurance industry and outperforming general
economic growth.

Life Insurance Corpora 琀椀 on of India (abbreviated as LIC) is an Indian

government owned insurance and investment corpora 琀椀 on.
It is under the ownership of Ministry of Finance and the Government of India

Subsidiary branches of LIC:

 LIC Housing Finance
 LIC Interna 琀椀 onal Ltd.
 LIC Pension Find Ltd.
 LIC Cards Service Ltd.
 LIC Mutual Fund Ltd.
 IDBI

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Objectives of Life insurance corporation of India:

Wide Coverage: -
Spread life insurance widely and in particular to the rural areas and to the Socially
and economically backward classes with a view to reaching all insurable persons
in the country and providing them adequate financial cover against death at a
reasonable cost.

Saving Mobilization: -
Maximize mobilization of people ‘s saving by making insurance- linked savings
adequately attractive.

Economy: -
Conduct business with utmost economy and with the full realization that moneys
belong to the policyholders.

Trustee: -
Act as trustees of the insured public in their individual and collective capacities.

Meeting Growing Needs: -

Promote amongst all agent and employees of the corporation sense of
participation, pride and job satisfaction towards achievement of corporate
objective.

MISSION

“Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns, and
by rendering resources for economic development.”

VISSION

“A trans-nationally competitive financial conglomerate of significance to societies

and pride of India.”

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 MANAGEMENT

Board of directors of LIC:

Shri. Siddhartha Mohanty (Managing Director & In-charge)
Shri. Suchindra Misra (Government Nominee Director)
Smt. Mini Ipe (Managing Director)

Shri. M.Jagannath (Managing Director)

Shri.Tablesh Pandey (Managing Director)

Shri. Vinod Kumar Verma (Independent Director)
Shri. Dr. Ranjan Sharma (Independent Director)
Shri. Vijay Kumar Muthu Raju Paravasa Raju (Independent Director)
Dr. Vankipuram Srinivasa Parthasarathy (Independent Director)
Shri. Sanjeev Nau 琀椀 yal (Independent Director)
Prof. Anil Kumar (Independent Director)
Smt. Anjuly Chib Duggal (Independent Director)
Shri.Vinod Kumar Verma (Independent Director)
Shri. Gurumoorthy Mahalingam (Independent Director)

LIC MUMBAI HEADQUATER

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 CHAPTER IV

THEORITICAL
PERSPECTIVE

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What is an insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase
protection against unexpected financial losses. The insurance company pays you
or someone you choose if something bad happens to you. If you have no
insurance and an accident happens, you may be responsible for all related costs.
Put simply, insurance is a contract, represented by a policy, in which a
policyholder receives financial protection or reimbursement against losses from
an insurance company. The company pools clients’ risks to make payments
more affordable for the insured.

Insurance policies are used to hedge against the risk of financial losses, both
big and small, that may result from damage to the insured or their property, or
from liability for damage or injury caused to a third party.

How Insurance Works?

A multitude of different types of insurance policies is available, and virtually
any individual or business can find an insurance company willing to insure
them for a price. The most common types of personal insurance policies are
auto, health, homeowners, and life. Most individuals in the United States have
at least one of these types of insurance, and car insurance is required by law.

Businesses require special types of insurance policies that insure against

specific types of risks faced by a particular business. For example, a fast-food
restaurant needs a policy that covers damage or injury that occurs as a result of
cooking with a deep fryer. An auto dealer is not subject to this type of risk but
does require coverage for damage or injury that could occur during test drives.
Insurance Policy Components
When choosing a policy, it is important to understand how insurance works.

A firm understanding of these concepts goes a long way in helping you choose
the policy that best suits your needs. For instance, whole life insurance may or
may not be the right type of life insurance for you. Three components of any
type of insurance are crucial: premium, policy limit, and deductible.

Premium

A policy’s premium is its price, typically expressed as a monthly cost. The

premium is determined by the insurer based on your or your business’s risk
profile, which may include creditworthiness.

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For example, if you own several expensive automobiles and have a history of
reckless driving, you will likely pay more for an auto policy than someone with
a single midrange sedan and a perfect driving record. However, different
insurers may charge different premiums for similar policies. So, finding the
price that is right for you requires some legwork.

Policy Limit

The policy limit is the maximum amount that an insurer will pay under a policy
for a covered loss. Maximums may be set per period (e.g., annual or policy
term), per loss or injury, or over the life of the policy, also known as the
lifetime maximum.

Typically, higher limits carry higher premiums. For a general life insurance
policy, the maximum amount that the insurer will pay is referred to as the face
value, which is the amount paid to a beneficiary upon the death of the insured.

Deductible

The deductible is a specific amount that the policyholder must pay out of
pocket before the insurer pays a claim. Deductibles serve as deterrents to large
volumes of small and insignificant claims.

Deductibles can apply per policy or per claim, depending on the insurer and the
type of policy. Policies with very high deductibles are typically less expensive
because the high out-of-pocket expense generally results in fewer small claims.

Types of insurance policy: -

There are 2 major types of insurance policy: -

 General Insurance
 Life Insurance

General Insurance

General insurance policies are one of the types of insurance that offer coverage
in the form of sum assured against the losses incurred other than the death of the
policyholder. Overall, general insurance comprises different types of insurance
policy that offer financial protection against losses incurred due to liabilities
such as bike, car, home, health, and similar. These various general insurance
types of insurance policies available in India:

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  Health Insurance
 Motor Insurance
 Home Insurance
 Fire insurance
 Travel Insurance

Health Insurance

Health insurances are types of insurance policy that covers the expenses
incurred due to medical care. Health insurance plans either pay or reimburse
the amount paid towards the treatment of any illness or injury. Different types
of insurance policy cover varied medical care expenses.
It usually offers protection against:

 a) Hospitalization
 b) Treatment of critical illnesses
 c) medical bills post hospitalization
 d) Day-care procedures

There are a few types of health insurance plans also cover the cost of resident
treatment and pre-hospitalization expenses. Rising costs of healthcare in India Is
making health insurance a necessity. Different types of health insurance plans
available in India include: -

 1) Individual Health Insurance: Offers coverage to only an individual.

 2) Family Floater Insurance: Allows your entire family to get
coverage under a single plan, which usually covers husband, wife, two
children.
 3) Critical Illness Cover: Specialized types of health insurance that
offers coverage against various life-threatening illnesses like stroke,
heart attack, kidney failure, cancer, and similar others. Policyholders get
a lump sum amount on diagnosis of a critical illness.
 4) Senior Citizen Health Insurance: These types of insurance
plans cater to all individuals above 60 years of age.
 5) Group Health Insurance: Offered by an employer to its employee.
 6) Maternity Health Insurance: This insurance type covers medical
expenses for prenatal, post-natal, and delivery stage, offering
protection to both the mother and the new born.
 7) Personal Accident Insurance: These types of insurance plans cover
financial liabilities arising due to accidental injuries, disability, or
death.

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Motor Insurance

Motor insurances are types of insurance that offer financial assistance in case
your bike or car get involved in an accident. Various types of Motor insurance
policies in India include:

 1) Car Insurance: Individually owned four-wheelers are covered

under this plan. The car insurance types include- third-party insurance
and comprehensive cover policies.
 2) Bike Insurance: These are types of insurance policy where
individually owned two-wheelers are covered against accidents.
 3) Commercial Vehicle Insurance: This is one of the insurance
types, which offers coverage to any vehicle used for commercial
purposes.

Home Insurance

As the name suggests, a home insurance policy offers comprehensive protection

to the contents and structure of your house against any physical destruction or
damage. In other words, this insurance type will provide coverage against any
natural and human-made calamity, such as fire, earthquake, tornado, burglaries,
and robbery.

Different types of home insurance policies include:

 1) Home Structure/Building Insurance – Protects the structure of

the house against damage during any calamity.
 2) Public Liability Coverage – Provides coverage against any damage to
a guest or third-party on the insured residential property.
 3) Standard Fire and Special Perils Policy – Coverage against
damages caused due to fire outbreaks, natural calamities (e.g., landslides,
rockslides, earthquakes, storms, and floods), and anti-social human-made
activities (e.g., explosions, strikes, and riots).
 4) Personal Accident – Provides financial coverage to you and your
family against any kind of permanent dismemberment or sudden demise
to the insured individual, anywhere around the world.
 5) Burglary and Theft Insurance – Provides compensation for
stolen goods in case of a burglary or theft.
 6) Contents Insurance – Provides compensation for loss of furniture,
vehicles, and other appliances in case of a fire, theft, flood, or riots.
 7) Tenants’ Insurance – Provides financial protection to you (as a
tenant) against any loss of personal property living in a rented
house.
 8) Landlords’ insurance – Provides coverage to you (as a
Page | 23
landlord) against contingencies such as public liability and loss of
rent.

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Fire Insurance

Fire insurance policies are different types of insurance coverages that

compensate any losses incurred due to a fire breakout with a sum assured. These
types of insurance policy usually provide a significant amount of coverage to
help both individuals and companies to reopen their places after incurring
extensive damage due to fire. These insurance types cover war risk, turmoil,
riots losses as well.

Different types of fire insurance in India are –

 1) Valued policy
 2) Specific Policy
 3) Floating Policy
 4) Consequential Policy
 5) Replacement Policy
 6) Comprehensive Fire insurance policy

Travel Insurance

As the name suggests, travel insurance is a type of insurance policy, providing

financial protection for you and your loved ones while you are visiting any
place in India or abroad. Whether you are travelling solo or with your loved
ones, the travel insurance coverage will help ensure that you have a peaceful
journey.
The travel insurance policy coverage takes care of any issues that you may face
during your trip such as loss of baggage, flight cancellations, loss of passport,
personal and medical emergencies. Different types of travel insurance policies
include:

 1) Domestic Travel Insurance: Within the country

 2) International Travel Insurance: For any trips or vacations outside
of India
 3) Individual Travel Insurance: If you are travelling alone
 4) Student Travel Insurance: If you are going abroad for further studies
 5) Senior Citizen Travel Insurance: For senior citizens, ageing
between 60 to 70 years
 6) Family Travel Insurance: For any family vacations

Life Insurance

Life insurance plans offer coverage against unfortunate events like death or
disability of the policyholder. Besides financial protection, there are various
types of life insurance policies that allow the policyholders to maximize
their
Page | 25
savings through regular contributions into different equity and debt fund
options.

You can choose a life insurance policy to secure your family's financial future
against life's uncertainties. The policy coverage comprises of a large amount,
which is payable to your loved ones if anything happens to you. With this
insurance type, you have the flexibility to choose the life insurance policy
period, coverage amount, and pay-out option based on the financial
requirements. Different types of life insurance policy are as follows:

 Term Life Insurance

 Whole Life Insurance
 Endowment Plans
 Child Plans
 Pension Plans

Term Life Insurance Plans

 Term insurance is the purest and most affordable among the types of
insurance policy in which, you can opt for a high life cover for a specific
period. You can secure your family’s financial future with a term life
insurance plan by paying a low premium (term insurance plans generally
do not have any maturity value, and thus, offer lower rates of premium
than other life insurance products).
 If anything happens to you within the policy period, your loved ones
would receive the agreed Sum Assured as per the pay-out option
chosen (some term insurance types offer multiple pay-out options as
well).

Whole Life Insurance Plans

 Whole life insurance plans, also known as ‘traditional’ life insurance

plans, provide coverage for the entire life of the insured individual, as
opposed to any other life insurance instrument that offers coverage for
a specific number of years.
 While a whole life insurance plan offers to pay a death benefit, the plan
also contains a savings component, which helps accrue a cash value
throughout the policy term. The maturity age for whole life insurance
policy is 100 years. In case, the insured individual lives past the maturity
age, the whole life plan will become matured endowment.

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Endowment Plans

Endowment plans essentially provide financial coverage to the policyholder

against life’s uncertainties, while allowing them to save regularly over a certain
period. Upon maturity of the endowment plan, the policyholder receives a lump
sum amount if he or she survives the policy term.
If anything happens to you (as Life Insured), the life insurance endowment
policy pays the complete Sum Assured to your family (beneficiaries).

Child Plans
Child plans are types of insurance policy that helps you financially secure your
child’s life goals such as higher education and marriage, even in your absence.
In other words, child plans offer a combination of savings and insurance
benefits that aid you in the financial planning for your child’s future needs at
the right age.
The sum of money received on Maturity under this insurance type can be used
to fulfil the financial requirements of your child.

Pension Plans

Pension plan , also known as retirement plan, is a type of investment plan that
aids you in accumulating a portion of your savings over an extended period.
Essentially, a pension plan helps you deal with financial uncertainties post-
retirement, by ensuring that you continue to receive a steady flow of income
even after your working years are over.
In other words, a pension plan can be a type of insurance in India that allows
you to create a financial cushion for your life post-retirement, in which you
contribute a specific amount of money regularly until your retirement.
Subsequently, the accumulated amount is given back to you as annuity or
pension at regular intervals.

Page | 27
Government Ini 琀椀 a 琀椀 ves
The Indian Government has taken variety of ini 琀椀 a 琀椀 ves to spice up the
insurance business. Some of them are as follows:
• In September 2018, Na 琀椀 onal Health Protec 琀椀 on Scheme was launched
under Ayushman Bharat to provide coverage of up to Rs 500,000 (US$ 7,723)
to more than 100 million vulnerable families. The theme is an 琀椀 cipated to
extend penetra 琀椀 on of insurance in Bharat from thirty four per cent to 昀椀昀琀 y
per cent.
• Over 47.9 million famers were bene 昀椀琀琀 ed under Pradhan Mantri Fasal
Bima Yojana (PMFBY) in 2017-18.
• The Insurance Regulatory and Development Authority of India (IRDAI)
plans to issue redesigned ini 琀椀 al public o 昀昀 ering (IPO) guidelines for
insurance companies in 7 India, which are to looking to divest equity through
the IPO route.
• IRDAI has allowed insurers to invest up to 10 per cent in addi 琀椀 onal 琀椀 er
1 (AT1) bonds that are issued by banks to augment their 琀椀 er 1 capital, in
order to expand the pool of eligible investors for the banks.
• Post-liberalisa 琀椀 on, the insurance industry in India has recorded signi 昀椀 cant
growth. The Indian insurance business is an 琀椀 cipated to grow to US$ 280
billion by FY2020, because of the solid economic process and be 琀琀 er
personal disposable incomes within the country. Overall insurance penetra 琀
椀 on in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001. Gross
premiums
wri 琀琀 en in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs
4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$
23.38 billion) from non-life insurance.
 Over FY12–18, premium from new business of life insurance companies
in India have increased at a 14.44 per cent CAGR to reach Rs 1.94 trillion
(US$ 30.1 billion) and non-life insurance premiums (in Rs) increased at a
CAGR of
16.65 per cent. In FY19 (up to Jan 2019), premium from new life insurance
business increased 3.91 per cent year-on-year to Rs 1.77 trillion (US$ 24.6
billion). Life insurance industry in the country is expected grow 12-15 per cent
annually for the next three to 昀椀 ve years.

Page | 28
 In FY19 (up to Feb 2019), gross direct premiums of non-life insurers
reached Rs 1.51 trillion (US$ 23.38 billion), showing a year-on-year growth
rate of
13.43 per cent.

Page | 29
 There are 24 life insurance and 33 non−life insurance companies in the
Indian market who compete on price and services to a 琀琀 ract customers.
There are two reinsurance companies. The industry has been spurred by
product
innova 琀椀 on, vibrant distribu 琀椀 on channels, coupled with targeted publicity
and promo 琀椀 onal campaigns by the insurers. The market share of private
sector companies in the non-life insurance market rose from 13.12 per cent in
FY03 to 54.72 per cent in FY19 (up to Feb 2019). In life insurance 8 segment,
private players had a market share of 33.74 per cent in new business in FY19
(up to Feb 2019).
 Government has approved the ordinance to increase Foreign Direct
Investment (FDI) limit in Insurance sector from 26 per cent to 49 per
cent which would further help a 琀琀 ract investments in the sector.
 In 2017, insurance sector in India saw 10 merger and acquisi 琀椀 on
(M&A) deals worth US$ 903 million. Enrolments under the Pradhan Mantri
Suraksha Bima Yojana (PMSBY) reached 130.41 million in 2017-18. Na 琀椀
onal Health Protec 琀椀 on Scheme was announced under Budget 2018-19 as
a part of Ayushman Bharat. The scheme will provide insurance cover of up
to Rs 500,000 (US$ 7,723) to more than 100 million vulnerable families in
India.
 Going forward, increasing life expectancy, favourable savings and
greater employment in the private sector is expected to fuel demand for
pension plans. Likewise, strong growth in the automo 琀椀 ve industry over
the next decade would be a key driver for the motor insurance market.

Benefits to Insurance Policy Holder

(1) Tax Benefits: Relief in income tax is available for amount paid by way
of premium for life insurance. Investment qualifying for rebate viz.
insurance premia, premium paid toward annuity plans for life insurance are
specified under section 88(2) of the income tax Act.
(2) Safety: In life insurance, on death, the full sum assured is payable (with
bonuses wherever applicable) whereas in other saving scheme, only the
amount (saved with interest) is payable.
(3) Liquidity: Loans can be raised on sole security of the policy which has
acquired a paid-up value. Besides, a Life Insurance policy is also generally
Page | 30
accepted as security for even a commercial loan/housing loan.

Page | 31
 (4) Aid to Thrift: Life Insurance encourages ‘thrift’ Long term saving can be
made in a relatively painless manner because of ‘easy instalment facility’
(Premium can be made through monthly, quarterly, half yearly or yearly
instalment). The Salary Saving Scheme, popularly known as SSS provide a
convenient method if paying premium each month through deduction from
one’s salary. The Salary Saving Scheme can be introduced in an institution
of establishment subject to specified terms and condition.
(5) Money at the time of Requirements: A suitable insurance plan or a
combination of different plans can be taken to meet specific needs that are likely
to arise in future such as children’s education, start in-life or marriage provision
or even periodical needs for cash ones a predetermined stretch of time.
Alternatively, policy money can be so arranged to be used for other investments
subject to certain conditions, loans are granted to policy holders for house or for
purchase of flats.
(6) Insurance affords peace of mind: The security is the prime motivating
factor. The security ends the tension and finally leads to peace to mind.
(7) Insurance Eliminate Dependency At the death of husband or the father
or any lead person, the family would suffer a lot. The insurance is here to
assist then like to provide adequate amount at the time of suffering. The
economic dependency if the family is reduced. 215.
(8) Insurance encourages savings: In most of the life policies, element of saving
is predominant, these policies combine of programme of Insurance and saving.
Saving with insurance has certain extra advantage.
(9) Economic Growth of the country: For the growth of the country insurance
provides string hand and mid to protect against loss of death. From the
insurance government get more financial resource and utilize strengthen the
economic condition of the country.

Page | 32
MARETING STRATEGY OF LIC: -
Marketing Mix of LIC analyses the brand/company which covers 4Ps (Product,
Price, Place, Promotion) and explains the LIC marketing strategy. There are
several marketing strategies like product/service innovation, marketing
investment, customer experience etc. which have helped the brand grow.
Marketing strategy helps companies achieve business goals & objectives, and
marketing mix (4Ps) is the widely used framework to define the strategies. This
article elaborates the product, pricing, advertising & distribution strategies used
by LIC.
Let us start the LIC Marketing Mix & Strategy:
➢ LIC Product Strategy:
The product strategy and mix in LIC marketing strategy can be explained as
follows: LIC or Life Insurance Corporation of India, is the biggest insurance
company in India. LIC offers a range of financial and investment products in its
marketing mix like insurance, special, unit, pension, Micro investment,
withdrawn and health plans. LIC also offers participation in the government
scheme of Aam Admi Bima Yojana. Insurance plans include different types of
plans like Endowment plan (Jeevan Utkarsh, Jeevan Rakshak), Whole life plan
(Jeevan Umang), Money Back plans (New Bima Bachat, Jeevan Tarun), Term
assurance plan (Anmol Jeevan I & II) and Riders like New Critical Illness
Benefit Rider. The special plans are combinations of insurance, investment and
the security because of it. Pension plans are more suited for senior citizens for
secure future. Through pension plan, LIC also gives access to government plan
of Pradhan Mantri Vaya Vandana Yojana. Unit plans are the schemes for
people with inconsistent income and has benefits of rich returns and tax
savings. It also offers group schemes for employers, families, societies or
associations. Life Insurance Corporation has different subsidiaries for
specialized services. These are; LIC Housing Finance, LIC Pension Fund Ltd,
LIC International, LIC Cards Services and LIC Mutual Fund.
➢ LIC Price/Pricing Strategy:
Below is the pricing strategy in LIC marketing strategy: The main objective of
LIC is to offer adequate financial cover to all insurable persons at reasonable
and affordable cost. In 2017, LIC's market share for number of policies was
76.09% and sold 20 million new policies. The product range of LIC is varied
and so is the price range. The website is equipped with a 'Premium Calculator '
service wherein the premium for each scheme of Life Insurance Corporation
can be calculated. It depends on variables like age, term and sum assured. The
Page | 33
payment of the premium can be paid by cash, cheque or DD at cash counter of
any LIC branch. Apart from this for ease of customers, premium can also be
paid through Alternate channels as described on website. Keeping up with the
implementation of GST by Government of India, LIC has replaced the service
tax from earlier transaction with GST. The Tax rate will be different for
different schemes. It will also be charged on interest of delayed payments.
➢ LIC Place & Distribu 琀椀 on Strategy:
Following is the distribution strategy of LIC: LIC of India operates on the
principle of providing life insurance on wider scale and urban and rural areas so
all the insurable individuals have access to it. When Life Insurance Corporation
was established, it had 5 zonal offices, 33 divisional offices and 212 branch
offices governed by corporate office. To maintain long term accessibility for the
consumers and build up the trust with them, LIC expanded their operations and
opened the branches in each district. Due to this lot of organizational changes
were initiated and branches got more functionality and acted as accounting
units. Presently, LIC headquarter is located in financial capital of India,
Mumbai with 2048 computerized branch offices, 113 divisional offices 8 zonal
offices, 1381 satellite offices. In tier 1 and 2 cities like Mumbai, Bangalore,
Ahmedabad, Chennai, New Delhi, Pune on line kiosks and IVRS info centres
have been specially made. The new initiative called 'Satellite Sam Park' offices
have been opened for easy access to policy holders. Thus, LIC has thoroughly
penetrated the Indian market with reach in all the segments. Outside India, LIC
operated in 13 countries through joint ventures or subsidiaries. These countries
include Bahrain, Qatar, Nepal, Singapore etc.
➢ LIC Promo 琀椀 on & Adver 琀椀 sing Strategy:
The promotional and advertising strategy in the LIC marketing strategy is as
follows: The product of LIC is intangible in nature involving customer
involvement and loyalty in highly competitive market. Life Insurance
Corporation has strong market share. With the emergence of new insurance
organizations, LIC has to maintain its dominant position. LIC has used print
and broadcast media exclusively. LIC advertisements feature in many national
as well as local newspapers and magazines. It shows returns on the product and
tax benefits from it. The television commercials for LIC appeal to emotions of
consumer by depicting importance of life insurance for the family when the
earner of the family is no more. It ends with the tagline of 'Zindagi Ke Sath Bhi,
Zindagi Ke Baad Bhi' (With you during and after your life). LIC also involved
in co-promotion at various exhibitions, seminars for other products like real
estate, medical services. The communication with customer is maintained
Page | 34
through multiple channels like IVRS, Call centres, Customer zone, SMS, e-
mail, website and social networking sites. Since this is a service marketing
brand, here are the other three Ps to make it the 7Ps marketing mix of LIC (Life
Insurance Corporation of India).
People:
LIC believes in insurance for all, i.e., all the insurable persons from rural and
economically backward class should receive financial security of insurance. It
has the objective of involving all their employees to their fullest capacity to
serve the customers better. They also believe in integrating the corporate
objective of organization with personal objective of employees leading to job
satisfaction and pride. Life Insurance Corporation has a separate portal for its
customers to submit their grievances. The grievance officers at respective
Grievance Redressed Office, attend the customer without prior appointment.
LIC insurances can be availed through the authorized LIC agents. The agents
undergo exclusive training by LIC and have access to the infrastructure access
in the branch offices and sales-marketing support. Domestic as well as NRI
customers have information portal on the website providing guidance on
services like premium calculation, bonus information, policy status etc.
Process:
LIC is a pioneer in the insurance industry. It is highly respected and trusted
organization. The website of Life Insurance Corporation is very informative
and starts the customer education right from the need for insurance, enlists its
benefits and describes detailed information regarding all aspects of insurance
and other related financial services. It also gives detailed information about all
the products and allows calculation of cost and benefits of each. The form for
the policy can be procured from the website or the agent or the nearest branch
of LIC. Application for policy requires the documents from the applicant. There
are multiple ways for payment of the premium making the process easy for
consumer. The claim for the policy can also be made by submission of formal
request through form and producing necessary documentation. Thus, over the
years LIC has improved and adjusted its operations as per the changing times,
keeping them customer centric.

Physical Evidence:
The offices of Life Insurance Corporation are in every district. The contracts
for infrastructure developments of the offices are invited through the Tender

Page | 35
Notices. These notices are circulated in the newspapers and website and bids
are invited. The infrastructure is congenial to the requirements of customer
having spacious building with proper layout, adequate seating and waiting
arrangements, pleasing ambiance, clear sign boards for assistance, availability
of the informative material and literature, telephone and basic restroom and
drinking water facilities. The physical proofs of all the necessary documents are
required for the application and availing of the policy. After the policy is
acquired, it can be procured in the physical form and for some of the official
purposes, it is considered as a proof of address and date of birth. LIC logo
consists of joined hands holding a lamp. Hence this completes the marketing
mix of Life Insurance Corporation (LIC).

WHY TO OPT FOR LIC LIFE INSURANCE PLANS: -

LIC is said to be the largest life insurance company in the world with 23 crore
customers and counting. It offers some of the most reasonably rated premiums
and adequate coverage options, 220 regardless of which walk of life an
individual belongs to. The brand name is not the sole reason one should opt for
LIC since it is not ideal to rely on life insurance products from a single brand.
Here is why one should opt for LIC as a life insurance provider:
•Technologically superior Network: LIC has been the leader as an insurance
provider for its efforts to stay ahead of the game by being at par if not better in
terms of its network when it comes to providing advanced and efficient
services with over 2000 branch offices and 156 satellite branches. The
company uses technology such as WAN, IVRS, LAN, IVRS & even EDMS
that allow people to go paperless when dealing with insurance documentation.
•Not Alone in the Game: The company does not work alone but partners
with insurance and financial tycoons including NSE, LIC Mutual Fund,
NCDEX, Stock Holding Corporation of India, Insurance institute of India and
National insurance Academy among many similar organizations. Hence, it is
working through convergence as well.
•Going International: It has fully functional offices in countries such as Nepal,
Sri Lanka, Saudi Arabia and Bahrain. LIC has also been ambitious enough to
plan opening offices in Australia, Canada and USA.
•Product Variety: You will soon discover from the below given list that this
company boasts of one of the highest numbers of policy types available in
life insurance alone. It has the largest portfolios when it comes to life
insurance
Page | 36
group schemes to be one of their highlights. They have a huge clientele of
corporates for group insurance.
• Innovation in the Industry: The company launches new products every
other quarter and they are mostly to serve the society than to make profits
although they are doing pretty well as an insurance company, financially.
They were the first to 221 launch micro-insurance products so that people
living below the poverty line in India could afford insurance for a certain
amount of discount.
•Performance in The Stock Market: When it comes to stock market
positioning, LIC stocks are one of the most stable stocks available in the BSE.
Some of the most well-performing stock lists almost always feature this
company especially when it comes to insurance providers.

Page | 37
 CHAPTER V

DATA ANALYSIS
AND
INTERPRETATION

Page | 38
Data Analysis and Interpretation
Marshall and Rossman (1999:150) describe data analysis as the process
of bringing order, structure and meaning to the mass of collected data. It
is described as messy, ambiguous and time-consuming, but also as a
creative and fascinating process.
Data interpretation is a data review process that utilizes analysis,
evaluation, and visualization to provide in-depth findings to enhance data-
driven decision-making.
Here we are using quantitative analysis. Quantitative analysis refers to the
examination and explanation of numerical values through a statistical lens.
Similarly, with regard to data interpretation, quantitative analysis involves
analysing numerical data that can be then applied to statistical modelling for
predictions.
Some of the financial data of Life insurance corporation of India (LIC) were
shown and sales revenue of the companies last 5 years are formatted in tabular
as well as in bar graphs, also competitors’ insurance companies’ data was
shown and compared in the form of a pie charts.
Opinion survey was done with random peoples to see the preferences of
insurance companies of people while selecting different insurance policies.
Those information are shown in a tabulated format as well as in the form of bar
graphs and pie charts.
The main objective of this survey was to assess the preferences of insurance
companies.

Page | 39
 Market Cap ₹ 3,59,450 Cr.
 Current Price ₹ 568
 High / Low ₹ 891 / 530
 Stock P/E 14.2
 Book Value ₹ 10.0
 Dividend Yield 0.26 %
 ROCE 142 %
 ROE 48.2 %
 Face Value ₹ 10.0

Market value
Life Insurance Corporation (LIC) is the largest insurance provider company in India. It has a
market share of above 66.2% in new business premium. The company offers participating
insurance products and non-participating products like unit-linked insurance products, saving
insurance products, term insurance products, health insurance, and annuity & pension products.

Page | 40
Sl. Insurance companies Current
No. market price
(CMP)
1. Life in corporation of India ₹ 568.35

2. HDFC Life insurance corporation ₹ 557.40

3. SBI Life insurance ₹ 1143.70

4. ICICI prudential insurance ₹ 423.45

company

LIC sales revenue of last five years

LIC last 5 years sales

Mar Mar Mar Mar Mar
Years 2018 2019 2020 2021 2022
Sales in
cr. 522848 559986 615920 681605 720314

LIC LAST 5 YEARS SALES

800000
700000
600000
500000
400000
300000
200000
100000
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Page | 41
Some other insurance companies in insurance sector and
their sales revenues in the last 5 years.

HDFC life insurance corporation last 5 years sales

Mar Mar Mar Mar Mar
Years 2018 2019 2020 2021 2022
Sales in
cr. 32260 38857 29380 71528 67126

HDFC LIFE INSURANCE

CORPORATION LAST 5 YEARS SALES
80000
70000
60000
50000
40000
30000
20000
10000
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Page | 42
ICICI prudential life insurance company last 5 years sales
Mar Mar Mar Mar Mar
Years 2018 2019 2020 2021 2022
Sales in
cr. 38832 41463 21061 84079 62305

ICICI PRUDENTIAL LIFE INSURANCE

COMPANY LAST 5 YEARS SALES
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Page | 43
 SBI life insurance company last 5 years sales

Years Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Sales in
cr. 34068 44604 43798 81913 82983

SBI LIFE INSURANCE COMPANY

LAST 5 YEARS SALES
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Page | 44
 LIC VS Private Insurance Companies

Private life insurers have reclaimed most of the market share in terms of new
business premium they lost to the state-run insurance giant Life Insurance Corp.
as of February.
LIC had leapfrogged in the first half of fiscal 2023. While LIC's market share
in terms of new business premium expanded from 63.3% as of March 31, 2022,
to 68.3% by September 2022. However, by February 2023, it fell to 63.8

In comparison, private insurers lost around 5% of their share to LIC in the first
half but regained most of it by February 2023, though they still lag behind the
March 2022 levels.

Years Mar-22 Sep-22 Feb-23

LIC 63.30% 68.30% 63.80%

Private Insurers 36.80% 31.80% 36.20%

LIC VS PRIVATE
80.00%
INSURERS
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
lic private insurers

Mar−22 Sep−22 Feb−23

Page | 45
CHAPTER VI

FINDINGS
SURVEY

Page | 46
Survey
Sampling means selecting the group that you will actually collect data
from in your research. For example, if you are researching the opinions of
students in your university, you could survey a sample of 100 students. In
statistics, sampling allows you to test a hypothesis about the
characteristics of a population.
To take this survey I took a sample of 30 people and did some
questionnaires for better study about different Insurance companies in
Odisha.
The questionnaires are as follow: -
Q. How many people were aware about different
insurance policies?
Sl. No. opinion No. of peoples
1. aware 16
2. Little bit aware 9
3. Not aware 5

NO. OF PEOPLES
1 aware 2 Little bit aware 3 Not aware

17%

53%
30%

Interpretation
Form the above table, we concluded that from taken sample
53% of the people are aware about different insurance
policies, 30% of them are a little bit aware and 17% of them
are not aware about different insurance policies.
Page | 47
Q. How many people have insurance policies?

Sl. No. opinion No. of peoples

1. Have policy 14
2. Not have any policy. 8
3. Not aware 8

NO. OF PEOPLES
1 aware 2 Little bit aware 3 Not aware

25%

50%

25%

Interpretation
From the above table, we concluded that from the taken
sample 50% of the people have insurance policy,25% don’t
have any policies and 25% are not aware weather they have a
policy or not.

Page | 48
Q. which insurance company comes in your mind when you
heard about insurance?

Sl. No. opinion No. of peoples

1. LIC 22
2. Max life insurance 3
3. HDFC life insurance 2
4. Others 3

NO. OF PEOPLES
1 LIC 2 Max life insurance 3 HDFC life insurance 4 Others

10%
7%

10%

73%

Interpretation
From the above table, we concluded that from the taken
sample 77% of the people answered LIC, 10% answered Max
life insurance, 7% answered HDFC life insurance and 10%
answered other insurance companies.

Page | 49
Q. Would you like to have an insurance policy?

Sl. No. opinion No. of peoples

1. YES 27
2. NO 3

No. of peoples

10%

90%

1 YES 2 NO

Interpretation
From the above table, we concluded that from the taken
sample 90% of the people would like to have an insurance
policy and 10% of them wouldn’t like to have an insurance
policy.

Page | 50
 Findings
 Company is expected to give good quarter.
 Company has a good return on equity (ROE) track record:
3 Years ROE 76.4%.
 Stock is trading at 56.5 times its book value.
 The company has delivered a poor sales growth of 7.92%
over past five years.
 Earnings include another income of Rs.1,61,086 Cr.
 Company use 7p’s strategy for its management.
 LIC is the leading company in insurance sector in India.
 LIC is also the most trusted company in insurance field in India.

Page | 51
CHAPTER VII

Awards and
Achievements

Page | 52
 AWARDS AND ACHIEVEMENTS

LIC which was founded in 1956 was awarded as the Life Insurance Company of the Year in 2014.Some
of awards won by LIC are: Pitch Top 50 Brands 2014

• Indian Insurance Awards 2014 - Claims Leader

• Indian Insurance awards 2014 - Life Insurance Company of the year

• Lok mat BFSI Awards 2014 - Highest Claim Se 琀琀 lement

• Lok mat BFSI Awards 2014 - Best Life Insurance Company

• Global Brand Excellence Awards Brand Excellence in BFSI

• Global Brand Excellence Awards - Best Use of social media in Marke 琀椀 ng

• Asia BFSI Best CSR Prac 琀椀 ces

• Asia BFSI Best Life Insurance Company

• Hindustan Times Mumbai Hot 50

• Readers Digest 2014 Trusted Brand

• ET Best Brands • 2nd Bright Awards

• Super Brands 2014

• ABP News Brand Excellence Awards

• Indira Gandhi Award from President of India

• West Bengal State Award 2014

• BFSI Vision CSR Award - Community Development

• BFSI Vision CSR Award - HealthCare and Comba 琀椀 ng Diseases

• IPSE Awards 2014 - Insurance PSE of the year

• NASEOH - Sri Vijay Merchant Memorial Award

• Greentech CSR Award

• Money Today FPCIL.

• The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service Brand
of India.

• From the year 2006, LIC has been con 琀椀 nuously winning the Readers' Digest Trusted brand award.

Page | 53
CHAPTER VIII

CONCLUSION
BIBLIOGRAPHY

Page | 54
Conclusion
The purpose of the study was how LIC works and how it retains the market. In
FY21 LIC has the one of the leading organisa 琀椀 ons who o 昀昀 ers best insurance
plans. LIC collects highest ever premium of Rs. 1.84 trillion in FY21. LIC
con 琀椀 nued its performance in new business, despites a highly challenging
business environment due to the covid- 19. LIC is o 昀昀 ering several plans
which it says will provide insurance, protec 琀椀 on, wealth crea 琀椀 on in the long
term, secure 昀椀 nancial future a 昀琀 er re 琀椀 rement, health insurance. Apart
from these, one will get tax bene 昀椀 ts under income tax act.
LIC employees are expected to bene 昀椀 t from wage revision with over 25 per
cent hike in their packets 5 days’ work week. They always try to hold their
customers by o 昀昀 ering them with great new policy every quarters.
The customers have keen faith in LIC. And during pandemic of second wave on
the month of may it bene 昀椀 ted to lots of customers 昀椀 nancially and give relief
for them and to their family.
Due to the great performance, it contributed 11% in the GDP growth during
pandemic. Which make me curious how it survives in pandemic and make
such growth in this year that’s why I choose LIC as a topic of internship report.

Bibliography
https://www.iffcotokio.co.in
https://www.licindia.in
http://articles.economictimes.indiatimes.com
https://economictimes.indiatimes.com
https://wikipedia.com

 Times of India
 Economic 琀椀 mes
 Zee business
 Wikipedia

Page | 55